National debt surpasses $22T for first time in U.S. history

The gross national debt surpassed $22 trillion for the first time in U.S. history, according to data released by the Treasury Department on Tuesday.

The Treasury Department estimated the national debt reached $22.01 trillion, up $30 billion from the previous month.

National debt stood at $21.974 trillion as of Dec. 31, representing an increase one year after President Donald Trump signed a tax reform bill in which a lower corporate tax rate lowered Treasury revenues.

Michael A. Peterson, CEO of non-partisan budget watchdog the Peter G. Peterson Foundation, also issued a statement noting the United States has added $1 trillion in debt in the past 11 months.